Finally, analysts at Raymond James reiterated an outperform rating and set a $75.00 price target on shares of SolarCity Corp in a research note on Thursday, June 18th.
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Out of 12 brokers covering SolarCity, 10 rate it a Buy, 3 indicate a Hold while 0 suggest a Sell. The shares have received an average rating of 1.33 by 9 analysts. Also, CFO Brad W. Buss bought 6,000 shares of SolarCity Corp stock in a transaction on Monday, June 15th.
SolarCity Corporation (NASDAQ:SCTY) is expected to post current fiscal quarter earnings per share of $-1.61 when the company releases earnings later today, according to the consensus analyst numbers.
SolarCity’s revenues jumped by 68 percent to $102.8 million from $61.3 million a year earlier, easily topping analyst forecasts of $90.8 million. The rating by the firm was issued on July 24, 2015. The sell-side firm indicated that demand was strong in California and the east coast signifying a 97% and 187% (YoY) increases. “The company’s weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow, poor profit margins and generally disappointing historical performance in the stock itself”. The company’s market cap is $5.29 billion. The stock was purchased at an average price of $54.87 per share, for a total transaction of $329,220.00. Now, SolarCity aims to change that with a solar lease product that it estimates could save customers 5-25% on their electricity bills. Checking in on the numbers, the Street’s estimates for the quarter reflect an expected loss of $1.58 per share, up from a loss of $0.96 in the same quarter past year. The shares were sold at the average cost of $55.01, for a total value of $687,625.00. The transaction was disclosed in a record filed with the Securities & Exchange Commission, which may be accessed through this hyperlink.
SolarCity’s shares traded up about 1% in after-hours trading, at $58.70 in a 52-week range of $45.91 to $79.40.
SolarCity expanded in Nevada and Rhode Island in the second quarter and introduced a program to sell clean energy from small power plants to renters, schools and other customers who can’t, or don’t want to, install rooftop panels. It offers its customers the option to either purchase and own solar energy systems or to purchase the energy that its solar energy systems produce through various contractual arrangements. SolarCity gives customers control of their energy costs to protect them from rising rates.
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The solar company also boasts that its lightweight solar panel mounting system can “fit 20 to 50 percent more solar panels on each roof surface” and allows workers to install panels significantly faster. Under SolarCity’s new program, the company plans to use its own solar installers – instead of subcontractors – to put in the system, which SolarCity estimates will reduce the cost of installation by around 30 percent.
